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Rate Drop At Capital One Bank

Wednesday, July 11, 2012 - 2:32 PMCapital One Direct Banking - Details
As of 7/5/2012, the interest rate on Capital One Bank's in-branch "High Yield Free Checking" account is 0.75% (down from 1.00%) in the New York-New Jersey-Connecticut market area.
7
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
1. Friday, August 3, 2012 - 3:21 PM
As of August 2, back up to 1.00% on balances up to 100k...
3
larkinlarkin62 posts since
Jun 18, 2010
Rep Points: 274
2. Monday, August 6, 2012 - 9:20 PM
As of August 2, back up to 1.00% on balances up to 100k...


Yeah, I just got back from Canada, and noticed that the High Yield Checking is back up to 1.00%. Interestingly, I checked my statements, and all of my statements, including the one that just closed, showed a rate of 1.00%. So it appears that the rate drop never actually took effect, despite the fact that Capital One's website was showing a rate of 0.75% for four weeks!
1
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
3. Tuesday, August 7, 2012 - 11:42 AM
As I understand it, the rate locks in for 1 year at the time of opening.  I opened mine at 1.00% and was also unaffected by the momentary drop to 0.75%.
1
larkinlarkin62 posts since
Jun 18, 2010
Rep Points: 274
4. Tuesday, August 7, 2012 - 8:19 PM
When I opened the account, it was explained to me that the "lock" was that the rate would be 5x the national average (whatever that happened to be) for one year, not the specific 1.00% rate. I "interrogated" the CSR on the phone and the branch manager about that very point, because the letter inviting me to open the account was rather opaque about the rate lock (in one place, it implied a rate lock of 1.00%, but the fine print on the reverse side seemed to support what the CSR told me). Anyway, given that my account (and Larkin's) was unaffected by last month's rate drop, it seems at very least that Capital One is, in fact, locking the rate.
2
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
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